August 30, 2023: On Thursday, Grayscale brings a great bench win against SEC over Bitcoin ETF.
According to Coin Metrics, Bitcoin bounced following the ruling to $27,911.67. The move lifted cryptocurrencies broadly and crypto equities higher.
Investors and different drive players have closely monitored Grayscale’s lawsuit against the SEC as a critical catalyst that would shake up a market marred by low volatility and liquidity. Earlier this month, bitcoin trading volatility reduced to its lowest level in more than four years. Investors had been staying on the sidelines for more regulatory transparency on crypto activity, whether through new legislation out of Congress or the ability to launch a spot bitcoin ETF.
Several bitcoin futures ETFs have already been supported in the U.S.
“The rejection of Grayscale’s proposal was arbitrary and capricious. The Commission decreased to adequately describe why it approved listing two bitcoin fortunes ETPs but not Grayscale’s proposed bitcoin ETP,” the court said in the ruling. “In the absence of a coherent explanation, this, unlike regulatory therapy of such products, is unlawful. We therefore grant Grayscale’s plea for review and vacate the Commission’s order.”
Tuesday’s legislation may increase the chances that the SEC will approve other bitcoin ETF applications, including that of BlackRock, whose filing in late June caused one of bitcoin’s big rallies this year, as well as Fidelity, WisdomTree, VanEck and Invesco, and others. A U.S. bitcoin ETF would provide a way to get direction to bitcoin without holding it, which would ask retail and institutional investors and wealth managers into the market.
“Today’s judgment reaffirms that a bitcoin ETF in the U.S. is a matter of when, not if,” said Steve Kurz, Internationalised Head of Asset Management at Galaxy, which meant with Invesco for its bitcoin ETF. “For digital assets to continue flourishing, they must be available to all investors.
We believe the ETF structure can enable more significant access to and transparency across cryptocurrency investing and help further democratize the asset class.”
Corporate leaders today stand at the nexus of unprecedented technological evolution, where digital transformation reshapes industries and redefines …
Corporate leaders stand at the helm of their organizations, often tasked with making decisions that can steer their companies toward …
Corporate leaders are often tested by crises that threaten the very foundation of their organizations. How do these leaders navigate turbulent …
In the vast and often tumultuous seas of corporate leadership, have you ever wondered how some captains …
In the high-stakes game of corporate leadership, where every decision reverberates through the echelons ….
In the corporate landscape, where conformity often reigns supreme, what if I told you that rebels aren’t troublemakers but …
Investment bank Morgan Stanley has taken a significant step towards integrating artificial intelligence (AI) into its trading …
Dr. Pen is a micro-needling device used for skin rejuvenation, typically for facial treatments to improve the appearance of wrinkles, scars, and overall skin texture.
Investment firm Bernstein has issued a positive outlook for Costco Wholesale, recommending the company as a “buy” based …
Changes in how health care is delivered have had to occur due to the COVID-19 pandemic, and Healthcare systems are adjusting the way they triage, evaluate, and care for patients via methods that do not rely on in-person encounters.
Leave us a message
Subscribe
Fill the form our team will contact you
Advertise with us
Fill the form our team will contact you
